信用的研究角度——商业信用研究货币政策失效是对其动机理论的拓展

目录中文摘要 (I)ABSTRACT (III)第一部分绪论 (1)1.1选题背景及意义 (1)1.2研究对象及研究方法 (3)1.3本文结构安排及主要创新点和不足 (3)第二部分相关研究述评 (5)2.1投资相关理论 (5)2.2融资相关理论 (7)2.3高新技术企业R&D活动相关理论 (11)2.4国内外研究综述 (16)第三部分实证研究变量的选取与样本的统计学分析 (19)3.1实证研究变量与样本的选取 (19)3.2样本的统计分析 (22)第四部分实证研究模型建立及结果分析 (29)4.1实证模型的建立 (29)4.2模型实证结果及分析 (32)第五部分结论及建议 (38)5.1研究结论 (38)5.2基于研究结论对于R&D融资问题的建议 (39)5.3研究的局限性及后续研究的展望 (43)附录 (45)参考文献 (46)致谢 (52)iCONTENTSAbstract in Chinese (I)Abstract in English (III)Chapter1Introduction (1)1.1The Background and Significance of Research (1)1.2The Research`s Methods of this Paper (3)1.3The Structure,Main Innovation and Shortages (3)Chapter2Review of The Related Research (5)2.1Theories of Investment (5)2.2Theories of Financing (7)2.3The Related Theories of High-tech Enterprise and R&D (11)2.4The Related Research (16)Chapter3Set Variables and Statistics Analysis of Samples (19)3.1Set Variables and Select Samples (19)3.2Statistics Analysis (22)Chapter4Empirical Model Specification and Analysis of Empirical Results (29)4.1Model Specification and Research Methods (29)4.2Analysis of Empirical Results (32)Chapter5Conclusions and Recommendations (38)5.1Conclusions (38)5.2Suggestions of R&D Financing (39)5.3Limitations of the Study and Prospects for Future Research (43)Appendix (45)References (46)Acknowledgements (52)ii中文摘要金融市场被认为是经济活动的中心，同时众多的研究表明金融发展与经济增长之间存在着强相关关系。

而经济增长理论认为知识和技术是推动经济增长的核心要素之一。

技术进步来自创新的探索过程，R&D活动作为推动技术创新、技术进步的源泉，对经济增长起着至关重要的作用。

R&D融资因而被视为金融发展影响经济增长的潜在途径之一，即金融发展通过作用于R&D融资而间接影响经济增长。

因此，对于融资因素对于R&D投资的影响问题，众多学者进行了大量的研究，并取得了一定的研究成果。

纵观现有对于融资因素和R&D投资关系的研究文献，学者们研究的对象基本以发达国家为主。

发达国家的金融市场经过长期的发展已较为成熟，而我国金融市场距离有效的金融市场还有较大差距，中国上市公司的决策行为还带有很严重的政策导向，那么在中国金融市场下，融资因素和R&D投资的关系可能会因此存在特别之处。

本文以2005年之前在上海、深圳证券交易所发行上市的A股高新技术企业为样本，选取了企业投资、融资因素、企业特性三类研究变量，采用统计分析、计量分析及比较分析等研究方法，就我国高科技企业上市公司的R&D融资约束状况、各融资因素对于上市高新技术企业R&D投资的影响作用等问题进行了研究。

文章将上述内容划分为五部分，各部分主要内容如下：第一部分为绪论，提出了本文选题的背景及现实意义，介绍了理论和实证的研究对象及研究方法，总结研究的主要创新点及不足；第二部分为相关研究的回顾与总结，包含相关理论及实证研究；第三部分选取了研究变量和研究对象并对样本进行了统计学的分析与比较；第四部分在理论模型基础上建立实证研究模型，进行动态面板回归和回归结果的经济学解释；第五部分总结研究结论并提出相关的政策建议。

本文将在借鉴国外学者的研究成果的基础上，对融资因素和R&D投资关系方面的研究进行了进一步探索，在以下两个方面有所创新：一是借鉴国外学者关于使用不完全竞争下动态最优化方法固定资产投资的因素决定模型，建立I关于R&D投资的因素决定模型，并以此建立包括融资因素在内的R&D投资的因素决定模型。

二是在国内对于现金流对于R&D研究的基础上，引入外部股权融资因素作为影响因子，从而全面分析融资因素对高新技术上市企业R&D 投资的影响。

本文对于各类融资因素对高新技术上市公司R&D投资影响的研究，揭示了在我国资本市场环境下，融资因素与高新技术上市公司R&D投资的关系，以及各融资因素对于R&D的影响状况的差异。

这为优化企业融资环境，改善企业融资渠道提供了经验支持。

研究结果显示，我国高新技术上市公司存在着一定的融资约束问题，中小型高新技术上市公司受到更为显著的融资约束。

内部现金流及债务融资对于我国高新技术上市公司R&D投资起着正向的影响。

与这两类融资方式相比，外部股权融资的影响较小且不显著。

同时，相对于中小型高新技术企业，融资因素对于大型高新技术企业的R&D投资影响更为显著。

关键词：R&D投资；融资因素；影响分析；动态面板IIABSTRACTFinancial Market is considered as the centre of the economic activity,and various researches show the strong connection between financial development and economic growth.In the theory of economic growth,Acknowledge and technology are thought as the core factors which promote economic growth,and the source of technology's improvement is the creative exploration.R&D is very crucial and important for economic growth.Thus,for the relationship between financial factors and R&D investment,scholars have done a great deal of research and achieved some research results.Within the current literature about the relationship between financial factors and R&D investment,the scholars'analysis focused on the developed countries which have matured financial markets.On the contrary,China's financial market is far away from effective market and the decision behavior of its listed companies is policy-oriented seriously.Thus,there may be particularity of the relationship between financial factors and R&D investment in the financial market of China.This paper used the data of the high-tech corporation which were IPO before 2005and chose there kinds of research variable which included corporation investment,financial factor and corporation feature.It adopted statistical analysis, qempirical analysis and comparative analysis methods to research the financing constraints of China's high-tech listed companies and financing factors'impact on the R&D investment of these high-tech companies.This paper is divided into five chapters:Chapter One is the introduction of the background,the related theoretical,the empirical research subject and methods and the main innovations and shortages;Chapter Two is the review of related research, including the theoretical basis and empirical literatures;Chapter Three is the selection and statistical analysis of empirical variables;Chapter Four is the establishment of empirical model which based on the theoretical model,dynamic panel regression and the explanation of regression results;Chapter Five is theIIIsummary of the analysis and the relevant policy recommendations.The paper did some exploration for this question which was base on the results of foreign researches and the main innovations are as follows:first,found the R&D investment decision model which is base on the Euler equation of fixed capital investment,and lead to the R&D investment decision model including the equity factors;second,this paper lead in the external equity as the impact factor of R&D investment which was only cash flow in the domestic research to analyze the effects of the financing factors on high-tech listed companies'R&D investment overall.The research of the financing factors'impacts on the R&D investment of high-tech listed companies in this paper shows the relationship of the financing factors and the R&D investment in the capital market environment of China.And the results also show the differences in each financing factor's effect on R&D investment.This will provide experience supports to optimize the financing environment and improve the financing channel of the enterprises.Empirical findings show that there are financing constraints of China's high-tech listed companies which are more obvious for the small and medium companies.Cash flow and debt finance have significant effects on the R&D investment of China’s high-tech listed pare with these two financing methods,the external equity financing factor's effect is small and insignificant.And the financing factors'effects of the large-size high-tech enterprises are more significant than the small and medium-size ones.Key Words:R&D Investment;Financing Factor;Impact Analysis;Dynamic PanelIV第一部分绪论1.1选题背景及意义作为现代经济学的核心问题之一，金融发展与经济增长之间的关系是理解及处理虚拟经济与实体经济之间关系的关键所在。